PPI Reclaiming discussion

sarahx_4

Billy Blag you have answered your own question you have been sold PPI insurance by ticking the box and the PPI insurance sounds like it has been mis-sold but thats for you to decide and then claim back. Use all the templates on here to claim it back. :money::money:

Parky50

Well done for a result with ltsb. I have just sent second letter to reclaim ppi as first reply was a no way, I had signed and therefore was responsible.

:rolleyes:

Has anyone had a positive response from LTSB after Martins second letter?

chippy75

chippy75 wrote: »

Hi all

Further to my earlier post on this, I telephone Natwest and cancelled my PPI which constitued £70 of my monthly loan repayment. I was told that there would be no problem and although this month's figure wouldn't change, it would kick in in November.

I received a letter from Natwest at the weekend telling me that because I had been paying the PPI for 2 and a half years (i.e. half of my loan term),my repayments would only reduce by £20! This was because during the 1st two years of repayments, the PPI part was high so I will have paid off more of it.

I only realised I was being charged interest on the PPI when Martin was on Radio 2 the other week. I mentioned to Natwest on the telephone that the FSA wasn't very happy with these types of PPI but nothing more was said to me.

Can anyone advise whetehr I am entitled to apply for a refund following my cancellation of the PPI, especially as it seems that I am still paying for it as my repayments have hardly reduced?

Many thanks,

Chippy75.

Could anyone provide any much needed advice regarding my situation? I would like to write to Natwest regarding a possible refund but would like to know that I'm in the right first! Also, as I still bank with Natwest and have my personal loan with them, is there a risk of them asking me to leave them if I do ask for a refund?

Thank you for any advice.

charliesangel_3

First of all many thanks for a wonderful website.
Now down to business. I took out a loan with I-group in 2004 before GE Money. Now we have had awful problems with the PPI element as it was taken out with a broker, Jigsaw Customer Management. They have in my opinion mis-sold a PPI, because my husband was told if he should become unemployed he would be covered. This has not been the case and we have since fallen behind with our payments on the loan which is secured on our house. Thanks to this website I sent off my template letter. Today I received a reply saying the sale of general insurance products (of which PPI is one) only became regulated by the Financial Services Authority (FSA) on the 14th January 2005 Before this date there was no regulation regarding the sales of these products. I will therefore will no be investigating your claim futher. I thought though you could claim if you took out a loan in the last 6 years?
Any advice would be appreciated.

funschine

Has anyone had any successes from the Royal Bank of Scotland yet?

chembabe

Hi
I sent a letter to my car loan company as I was misold my PPI on the 06/10/07 as of yet no reply, can anyone tell me how long do you think I should wait?, and what I should do if they don't reply?
Thankyou for your help

TwinsMum_2

Just spoke to Central Capital regarding loan that I have with The dreeded First Plus, anyway they are going off to listen to the telephone call, even though the PPi only covers me for 5 years I am paying it for wait for it 25 years the original PPi was was just over £7000 by the time it has ended it will cost me a whooping £18,000 and that is just at current interest rates, why should I pay for it over 25 years when it only covers me for 5, I feel this was not made clear to me at the time and I was in no way made aware that this was optional I will have to sort out my own protection when the 5 years is up and I am not happy about paying fort 2 at a time. Bloke on the phone was very helpful but I am not holding my breath.

zombie

This PPI situation I feel is like a volcano waiting to erupt. When I tried to claim from various lenders for PPI which was attached to my credit cards over the last few years, I received rejection letters from all of them. Now the next problem the great british public will face is that the Ombudsman and the FSA will not and I repeat NOT help the poor consumer like you and me.

I bet Martin Lewis doesn't even know the other half of this equation. He is a great champion fighting for our cause with the lenders, but does he actually realise Banks are in breach of FSA regulation and nothing is done about this.
The ombudsmans office are a waste of space. The FSA who are a government body have no control over the Banks and lenders. The whole thing is a bloody shambles.

So what else can the consumer do? This is the only country in the EU who are suffering at the hands of the banks. Legalised Mafia!

We should take the FSA and the ombudsman to court for letting the banks get away with their dirty filthy tricks.


zombie

pat0411

last year my husband and I took out a new mortgage and took out payment protection insurance. Now after hearing Martin on Radio 2 recently and looking at the site I am beginning to wonder whether I should cancel it - its costing £55 a month and both my husband an I have jobs with very good sick pay arrangements - what do you folks think?:rolleyes:

Former_MSE_Wendy

Hi all

It sounds like the 'other half of the equation' Zombie mentions above is to do with claiming on your insurance, rather than reclaiming. We are aware that successful insurance claims are rare which is one of the reasons we feel there are so many mis-sold polices, and why we are suggesting people look at their polices now to spot any potential problems rather than when they come to make an insurance claim.

Sorry that you think the FSA and FOS don't help Zombie. They are trying to do something about PPI problems and are investigating and fining companies that breach the regulations. Things are slowly getting better and will hopefully continue to do so.

Also there was a question above about GE Money. I posted this about a few weeks ago:

MSE_Wendy wrote: »

A few questions about GE Money so I have contacted the FOS to check.

It does seem that GE have not always been covered by the FOS's jurisdiction. It took over complaints for smaller insurance companies (loans) in Jan 05 and store cards in Apr 07 so older complaints may not be straitforward.

However as GE are one of the companies to be fined by the FSA (see has your provider already been fined section of the article) write a letter asking for proof that the policy was sold in your best interests and take it from there.

PLEASE NTOE - MOST LENDERS ARE COVERED BY THE FOS BUT IF IN DOUBT CALL THE OMBUDSMAN TO CHECK AND IF IT CANNOT HELP IT WILL TELL YOU WHO TO CONTACT INSTEAD.

This doesn't mean you can't complain, just that unfortunately it won't be as straightforward.

Good luck to you all

MSE Wendy